- Nubank received conditional OCC approval to establish a national bank in the US, allowing it to offer deposits, lending, and digital asset custody.
- The fintech plans to fully capitalize and launch its US operations within 18 months, subject to final approvals.
- This move aligns with a broader trend of crypto and fintech firms, including Circle and Revolut, seeking US banking charters.
The U.S. Office of the Comptroller of the Currency (OCC) has granted Nubank conditional approval to form a national bank, marking a pivotal step for the fintech’s expansion into the American market. This authorization allows Nubank to offer a full suite of financial services, including deposit accounts, lending, credit cards, and digital asset custody.
According to a company announcement, the Brazil-based firm aims to fully capitalize and open the bank within 18 months, pending final approvals from the FDIC and the Federal Reserve. The new U.S. entity will be led by co-founder Cristina Junqueira, with former Brazilian central bank chief Roberto Campos Neto serving as board chair.
Founded in 2013, Nubank serves over 127 million customers primarily in Brazil, Mexico, and Colombia. The publicly traded company has steadily expanded its crypto offerings, first launching trading via a Paxos partnership in 2022 and allocating 1% of its net assets to Bitcoin.
Consequently, Nubank extended its crypto lineup in March, adding Cardano, Near Protocol, Cosmos, and Algorand in Brazil for a total of 20 supported tokens. The fintech also announced plans in September to test dollar-pegged stablecoin payments linked to credit cards.
Meanwhile, Nubank‘s push for a bank charter mirrors a broader industry trend. Stablecoin issuer Circle and Ripple Labs received similar conditional approval from the OCC in December for national trust banks.
On Jan. 23, London-based fintech Revolut, valued at approximately $75 billion, also disclosed plans to apply for a U.S. banking license. This wave of applications signals crypto and fintech firms’ sustained pursuit of regulated banking status in the United States.
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